SUBSEQUENT EVENTS |
6 Months Ended |
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Jun. 30, 2025 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
NOTE 14 — SUBSEQUENT EVENTS
One Big Beautiful Bill Act – On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted, which, among other items, allows for 100% bonus depreciation on a permanent basis for property acquired after January 19, 2025. Further, the OBBBA basis for Code Section 163(j) net interest expense deduction is based on EBITDA (earnings before interest, taxes, depreciation and amortization) rather than EBIT (earnings before interest and taxes) for taxable years beginning after December 31, 2024, and any disallowed interest expense can be carried forward indefinitely. We do not anticipate these changes to have a material impact on our income tax provision. In accordance with ASC 740, the effect of a change in tax laws or rates is to be recognized at the date of enactment. As such, the impact of the OBBBA constitutes a non-recognized subsequent event.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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